this post was submitted on 19 Sep 2023
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Work Reform

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[–] [email protected] 2 points 1 year ago

A well-regulated private banking industry

Remember that shareholder primacy assures the banks will pressure the government to deregulate, eventually capturing regulatory departments, as has happened in the US (if not the whole developed world).

Marx explains this in Das Kapital even when there was a notion of social responsibility. But after Dodge v. Ford Motor Company in 1919, it was established by judicial ruling that publicly owned companies have interests in direct opposition to the public, and should not be allowed to influence government, which is meant to serve the interests of the public (and only the public).

Even in 1919, plutocrats had already been dismantling US democracy towards oligarchy. It had failed just as the Soviet Union was trying its hand at ur-communism (and being sabotaged by Wilson).